Beating the estimates
Prudential Financial reported its 2Q15 earnings on August 5. It beat Wall Street analysts’ adjusted operating income estimates of $2.47 per share, posting adjusted operating income of $2.91 per share.
Prudential Financial’s (PRU) 2Q15 revenue rose by 12% year-over-year to $12.5 billion, exceeding consensus estimates of $11.2 billion. The company reported net income of $1.4 billion or $3.03 per share, up by 29% as compared to the second quarter of the previous year.
John Strangfeld, Prudential Financial CEO, noted in an August 5 company press release, “We are pleased to report strong performance for the second quarter and first half of the year in operating results of our businesses, net income, and growth of key book value measures. In the U.S., our Annuities business is benefiting from growth in fees, and current quarter product sales contributed to our risk diversification. A double-digit increase in Retirement account values from a year ago reflects the growth of our pension risk transfer business, which continued to perform well in the current quarter. In Asset Management, third party flows were strong in the second quarter, and we are continuing to invest in the business to enhance our capabilities.”
Insurance and asset management
Prudential Financial is managing approximately $1.187 trillion of assets under management as of June 30, 2015. It has operations in the United States, Europe, Asia, and Latin America. The company’s product offerings include retirement-related services, mutual funds, life insurance, investment management, and annuities. Prudential Financial offers these products and services to institutional and individual customers through proprietary and third-party distribution networks.
The Americas remain the major contributor toward the company’s top line. In the US, Prudential Financial’s competitors include ACE (ACE), Chubb (CB), and Allstate (ALL). Together these companies form 2.91% of the Financial Select Sector SPDR ETF (XLF).
Prudential Financial’s investment portfolio consists of public and private fixed maturity securities, equity securities, commercial mortgages and other loans, and other invested assets.
In 2Q15, Prudential Life’s US Individual Life and Group Insurance division reported strong growth in its adjusted operating income of $312 million, compared with $204 million in 2Q14.
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